San Francisco homeowners can expect to pay higher property taxes this year.
For a single-family home valued at $500,000, there will be an $82.57 increase in the property tax bill compared to last fiscal year, for a total of $5,821, according to a report from budget analyst Harvey Rose.
The City’s proposed hike is coupled with an increase in property assessments under California’s Proposition 13, which is allowing for a cost-of-living adjustment in property values. This year, the state is allowing a 0.753 percent increase. Otherwise, The City only reassesses a property’s value when it is sold, transferred or improved.
San Francisco’s tax rate will increase to $1.1718 per $100 of assessed value, up from $1.164. The money pays for city services, schools and BART, among other uses.
This fiscal year, San Francisco expects to collect $1.33 billion in property tax revenue.
The Board of Supervisors’ Budget and Finance Committee is scheduled to vote Wednesday on imposing the new rates, along with the amount landlords can pass on to tenants.
Last fiscal year, landlords could pass through $0.048 per $100 of assessed value to pay for a portion of the bill. That would increase to $0.06.
San Francisco’s property tax rate is set to increase.
$1.164: Property tax rate per $100 of assessed value in FY 2010-11
$1.1718: Property tax rate per $100 of assessed value proposed
for this fiscal year
0.753: Percentage increase allowed in assessed property values under Prop. 13
$5,738.52: Property tax bill for a $500,000 single-family home in FY 2010-11
$5,821.09: Property tax bill for same home this fiscal year
$1.33 billion: Property tax revenue The City expects to collect this fiscal year
Source: Budget analyst Harvey Rose
Clarification: A change was made in the story to reflect that San Francisco's property taxes are not increasing by 0.753 percent, but that their assessed values are rising by that margin.